HBC Publications
THE PRESIDENT'S BUDGET SPENDS, TAXES, ANDBORROWS TOO MUCH - STIFLING JOB GROWTH TODAYAND THREATENING OUR ECONOMIC FUTURE
House Budget Committee & Senate Budget Committee Republican Summary of President·s FY2012Budget
February 14, 2011
I
n challenging times, a chief executive must lead. But President Obama has failed to confront the fiscal and economic challenges before us.
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nstead, he continues down the same unsustainable path: growing the government, weakening the economy, and increasing the burden of debt on each and every American.
Spends Too Much: $8.7 Trillion In New Spending
Despite this year·s $1.6 trillion deficit, the President still refuses to change course and reduce spending. Under hisbudget, the size of government will nearly double since the day he took office. Ignoring both economists· warningsand the public·s demands for restraint, the President·s explosive growth of government crushes private-sectorinvestment, fuels uncertainty for job creators, and guarantees a less prosperous future for all Americans. Theprice tag of the President·s budget for the next ten years:
T
otal spending: $46 trillion; $8.7 trillion in
new
spendingNew entitlement spending, beyond assumed growth: $404 billion
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ncrease in non-defense discretionary spending since 2008: 24% (excluding stimulus)
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ncrease in discretionary spending above President·s own deficit commission: $353 billionSpending this year under the President·s budget: Record $3.8 trillion; 25.3% of GDP (highest since WW
II
)
Taxes Too Much: $1.6 Trillion In New Taxes
The President·s big-government vision imposes a heavy cost: diminishing economic opportunity through massivetax hikes that depress wages and stifle job creation at a time when millions of Americans remain out of work. Intotal, the President·s budget imposes $1.6 trillion in new taxes on families, small businesses, and job creators,including:
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ncome tax hike: $919 billionDeath tax hike: $118 billion
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ransportation tax hike: $435 billion
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orrows Too Much: $13 Trillion Added To The Debt
Despite the urgent need to rein in our runaway debt, the President·s budget doubles debt held by the public bythe end of his term and triples it ten years after he was sworn in. Gross debt will eclipse the size of the entireeconomy this year and remain above 100% of GDP for every single year that follows. This crushing burden of debt isdepressing economic growth today, yet the President·s budget fails to seriously meet this challenge and insteadaccelerates our country down the path to bankruptcy:
New debt: $13 trillionGross debt by end of decade: $26.3 trillion (107% of GDP) Annual interest payments by end of the decade: $844 billion
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otal interest payments on debt: $5.7 trillion
A Failure Of Leadership
The President·s budget represents an abdication of leadership by failing to address the drivers of our debt crisis
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House and Senate Republicans lay out economic burden President Obama's budget will place on American families and job creators.
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